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HTC Doubles Profit in Q2

Wed, 07/06/2011 - 8:02am
Andrew Berg

Taiwanese smartphone maker HTC today announced full second-quarter earnings, blowing neatly by analyst estimates to net profits of $608 million. That's double the $304 million in net profits the company recorded for the same period last year.

For the second quarter of 2011, total revenues reached $4.3 billion, representing year-over-year growth of 104 percent.

HTC is now the world's third largest handset OEM by market value behind Apple and Research In Motion (RIM). The company's success has been driven primarily by the popularity of its Android smartphones.

In its second-quarter guidance, HTC forecasted it would ship 11 million to 11.5 million units. The company's CFO, Winston Yung, yesterday told Bloomberg that the company had met that target.

Exact shipment numbers, as well as third-quarter guidance, will be released during an earnings call later today.

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